Engine Lease Finance Corporation (ELF), the world's largest independent aero-engine lessor, has joined with DVB Bank AG (DVB) the Frankfurt-based bank that specialises in transport finance, to co-invest in a package of 13 commercial aircraft engines acquired from the ELF portfolio through new venture Deucalion Engine Leasing (Ireland) Limited.

The engines consist of three CF6-80, three CFM56, three V2500, one AE3007, two JT8D-200, and one PW4000 and are leased out to 10 different airlines worldwide and with lease termination dates ranging from 2006 through to 2013.

Under the agreement, DVB is the senior debt provider, Deucalion funds managed by DVB's Group Investment management team in London are junior debt providers and ELF is co-junior lender, portfolio servicer and lease manager to the newly incorporated Deucalion vehicle based in Ireland.

Jon Sharp, President and Chief Executive of ELF said today: "This significant deal with DVB marks a further stage in our strategy to broaden our lender and investor base and follows our earlier successes with other ventures. We are also delighted to work with a bank of the calibre of DVB, which has been keen to enter the aero-engine business. Once again this shows that ELF is the preferred partner to leading financial institutions and puts us at the forefront in this aspect of the market."

Bertrand Grabowski, Member of the Board of Managing Directors of DVB, and responsible for Aviation added: "This new venture with ELF represents a further milestone in the Bank´s initiative to develop an aircraft engine financing and investing business. We are delighted to commence a partnership with an established and recognised player such as ELF with whom we can work on a long-term basis."

Rolf Betz, Member of the Board of Managing Directors of DVB, and responsible for Deucalion commented: "This package of engines is well diversified in terms of engine types, thrust ratings, geographical distribution, customer composition and lease expiry profile, so the risks are well-managed. We look forward to working closely with the ELF team over many years."

Note to Editors:
ELF is the world's leading spare engine financing and leasing company, specialising in the provision of flexible medium to long-term spare engine packages for the airline industry. Headquartered in Shannon, ELF is owned by BTMU Capital Corporation of Boston, USA, which is itself owned by The Bank of Tokyo-Mitsubishi UFJ, Ltd., the world´s largest financial institution. The current ELF engine leasing portfolio is approaching 200 engines, valued at $900 million. www.elfc.com

DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, Land Transport and Transport Infrastructure. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen, Piraeus, and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE 0008045501). www.dvbbank.com

Deucalion is a series of investment companies which are managed and advised by a team of investment managers at DVB, based in London, who analyse investment opportunities in the aviation industry and monitor investments made on behalf of Deucalion. The Deucalion funds focus on investing equity in aircraft and engine assets and other aviation related interests, participations in high yielding loans/bonds/asset backed securities and mezzanine financings.

For further information please contact:
ELF
Jon Sharp, President and Chief Executive, Engine Lease Finance Corporation
Phone: +44 (0) 7785 314295
jon.sharp@elfc.com

David Dorman, Public Relations Consultant to ELF
Phone: +44 (0) 1582 488336
ddaviddorman@aol.com

Deucalion
Paul Da Vall, Senior Vice President, DVB Bank AG, Group Investment Management
Phone +44 (0) 20 7618 9728
paul.davall@dvbbank.com